The Securities and Exchange Commission of Pakistan (SECP) has issued a stern warning to the public, urging caution against investing through unlicensed online trading platforms, websites, and mobile applications that promise unrealistic returns on investments in stocks and other financial products.

The SECP revealed that it has received multiple complaints from both licensed securities brokers and investors regarding dubious platforms, including names such as Interactive Brokers Group (IBKR), IGIL Securities Country, BMA Capital No.108/BMAC Global Pro, WTIC World Top Investor Competition, and Aviva Securities, among others.

According to the regulator, these fraudulent platforms are aggressively promoted on social media, luring unsuspecting investors with deceptive promises of high returns and minimal risk. They often solicit investments through unverified apps and websites, using links that mimic legitimate trading platforms. To appear credible, scammers frequently misuse the names, logos, and images of reputable companies, professionals, and even regulatory authorities.

The SECP noted that such platforms typically display fake dashboards showing fabricated account balances and profits, while no real trading or investment activity is actually taking place. In many cases, investors are initially allowed to withdraw small profits to build trust, but are later pressured to invest larger sums. Once additional funds are deposited—or if an investor tries to withdraw their remaining balance—access is abruptly blocked.

The commission emphasized that in Pakistan, trading in listed securities and commodities is only permitted through SECP-licensed securities and futures market brokers. Lists of authorized brokers are available on the websites of the Pakistan Stock Exchange and Pakistan Mercantile Exchange Limited.

SECP also stated that any platforms and associated bank accounts identified as being used by fraudsters are being promptly reported to the Federal Investigation Agency (FIA), Pakistan Telecommunication Authority (PTA), and the State Bank of Pakistan (SBP) for further action.

The public is strongly advised to avoid depositing or investing funds with any unlicensed entities or individuals offering unauthorized trading or investment services. Investors are urged to verify the legitimacy of any platform or person before making any financial commitments.